Bryan Flynn's Central Massachusetts Mortgage Blog

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This morning Existing Home Sales were released and came in slightly better than expected.  4.89 mil v 4.85 mil.  But still on a downward trend year or year.  The US is off 17.5% in seasonally adjusted sales year over year and 8% in price during the same time frame.  The most interesting stat rele...
This morning's initial jobless claims came out slightly better than expected 365k v 370k.  The stock futures are taking the news as a positive and money will move out of bonds and into stocks.  The DOW lost a decent amount over the past 2 days so expect a good day for stocks early on.  In other n...
The Federal Open Market Committee released their minutes from their April meeting at 2pm today Here are the highlights: They lowered their growth forecast of the economy slightly over the next few years. They expect higher inflation and unemployment in 2008 and 2009. They believe "risk is recedin...
This morning's mortgage bonds are off about 20 bps.  Bonds are still sitting above a strong level of support at the 100 and 50 day moving averages so I recommend to FLOAT for now.  This afternoon the much anticipated Fed Minutes are released at 2pm.  In these minutes we will discover how the memb...
  Yesterday Sentor Chris Dodd (D) and Senator Richard Shelby (R) two head of the banking committee in the Senate announced an agreement was reached.  The revised bill eliminates the use of taxpayer money to bail out lenders and spec investors.  The Senate version puts the financing responsibility...
PPI, producers price index, was released this morning and was tamer than expected at 0.2%.  The street was expecting 0.4%, however core PPI (ex food and energy) was hotter 0.4% than expected 0.2%.  Stock are reacting negatively to this news on the open and mortgage bonds so far are up 16 bps toda...
Fannie Mae just announced a withdrawal of their declining market policy "Lenders are no longer required to make a downward adjustment to the LTV, CLTV, or home equity CLTV (HCLTV) based on the location of the property." Here is the breakdown: Fannie Mae withdraws their declining market policy eff...
The mortgage bond market lost some momentum going into this past weekend.  The bulls and the bears are battling at a key support / resistance level.  It is interesting to watch the bond market in real time put up a fight when it approaches these levels.  On Friday morning it looked like the bears...
The bond market had a nice close to the day yesterday up 72 bps on the day but above key level of resistance.  In order to confirm that rise we needed some momentum going into today's open.  Well we did not get that and we are slightly below that level of resistance for now, I guess we will see w...
Rates are looking good today after a rough afternoon mortgage bonds bounced off the 200 day moving average and are up modestly today.  Initial jobless claims came in a bit higher than expected which is good for bonds and bad for stocks (points to recession confirmation).  Empire State Index was w...

Bryan Flynn

Central Mass and Worcester Mortgages
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